This is a rush transcript from "On the Record," October 2, 2012. This copy may not be in its final form and may be updated.
GRETA VAN SUSTEREN, FOX NEWS HOST: Tonight, controversial and now complete video of President Obama surfaces. And you are about to see parts of a 2007 speech that have never been seen before. In the unedited video, then presidential candidate Obama veers off from his prepared remarks and he accuses the U.S. government of short-changing Hurricane Katrina victims.
Why? Well, President Obama, then Senator Obama, says it's incompetence, but then goes further, implies racism. He was speaking to an audience of African-American ministers at Virginia's Hampton University.
Take a look.
(BEGIN VIDEO CLIP)
THEN-SEN. BARACK OBAMA, PRESIDENTIAL CANDIDATE: Down in New Orleans, where they still have not rebuilt 20 months later -- there's a law -- a federal law when you get reconstruction money from the federal government, called the Stafford Act. And basically, it says when you get federal money, you've got to give a 10 percent match. The local government's got to come up with 10 percent. Every $10 the federal government comes up with, local government's got to give a dollar.
Now, here's the thing. When 9/11 happened in New York City, they waived the Stafford Act, said, This is too serious a problem, we can't expect New York City to rebuild on its own. Forget that dollar you got to put in. Here's $10. And that was the right thing to do.
When Hurricane Andrew struck in Florida, people said, Look at this devastation. We don't expect to you come up with your own money. Here -- here's the money to rebuild. We're not going to wait for to you scratch it together because you're part of the American family.
What's happening down in New Orleans? Where's your dollar? Where's your Stafford Act money? Makes no sense! Tells me the bullet hasn't been taken out.
OBAMA: Tells me that somehow, the people down in New Orleans they don't care about as much!
(END VIDEO CLIP)
VAN SUSTEREN: Now, that was part of the speech that was not reported on during the 2008 presidential campaign. Other parts were covered, but they were still controversial. One example, then Senator Obama praising his controversial Chicago pastor, Jeremiah Wright. Now, this was just three months after he canceled him from giving a prayer at his February 2007 presidential announcement.
(BEGIN VIDEO CLIP)
OBAMA: I've got to give a special shoutout to my pastor, the guy who puts up with me, counsels me, listens to my wife complain about me.
OBAMA: He's a friend and a great leader, not just...
OBAMA: So please, everybody, give an extraordinary welcome to my pastor, Dr. Reverend Jeremiah Wright, Jr.
OBAMA: (INAUDIBLE) United Church of Christ. Where's he at? There he is. That's -- that's him. That's him right there.
(END VIDEO CLIP)
VAN SUSTEREN: Now, will this newly surfaced complete video have any possible impact on the presidential race? Former presidential candidate and speaker of the House Newt Gingrich joins us.
Good evening, sir.
NEWT GINGRICH, FORMER HOUSE SPEAKER/PRESIDENTIAL CANDIDATE: It's good to be with you.
VAN SUSTEREN: I'm curious whether or not you think that this tape, now the complete tape -- and part of it was on the public domain -- will have any impact whatsoever on the race.
GINGRICH: Oh, I think it has some impact. It's a little bit like Joe Biden the other week saying, They want to put you back in chains. It's a reminder of the depth of dishonesty, the appeals to racism, the factual falsehoods that are at the heart of the modern left.
By the way, what Senator -- then Senator Obama said was just factually false. New Orleans got far more money than New York City, and New Orleans got a great deal of money that he was not matched by the Stafford Act. The process of the federal government taking care of the people of New Orleans, in fact, was far larger because of the problem was much larger. You had an entire city that was a disaster, as opposed to the immediate crisis of 9/11 and the World Trade Center.
But factual inaccuracies are at the heart of the modern left. If they have to rely on the facts, they will lose every time. So they just routinely engage in demagoguery, which, by the way, the vice president did again today, talking about the middle class.
All of this is the same stuff. It's all a consistent pattern of fundamental dishonesty and appeals to race in ways that, frankly, the press ought to be making totally discredited.
VAN SUSTEREN: You know, I actually have a slightly different view of it. I think that if this were the year 2000, 2008, it might have a greater impact. But you know, we've had a chance now, three-and-a-half years of a President Obama administration. You either love it, you hate it or you're indifferent. I mean, now he has a record.
And Back in 2007, I think that we put him under the microscope, as we should any candidate, and particularly him because we knew so little about him. He didn't -- he wasn't in the public eye for a long time.
Now, though, I would expect that people are making decisions, Are you better off than you were three-and-a-half years ago? Is the world safer? Do you think we're going in the right direction? You know, those types of questions. I think his record has a far greater impact than what he said in 2007, but I could be wrong.
GINGRICH: Oh, sure. No, no. I agree with you. I don't think this particular speech is definitive, but it's a reminder -- notice on Benghazi, for example, you have the same pattern of dishonesty in the Obama White House that you had in the speech you just showed from 2007.
The amazing thing is the degree to which the elite media desperately tries to avoid all of this and tries to -- they didn't cover it in 2007. They don't want to cover it in 2012. And yet you've just seen literally over the last two-and-a-half weeks, a pattern of breath-taking dishonesty.
You talked about the record. Well, take a look at the actual facts that are coming out about when we learned things in Libya and what this administration has said to us, and it's a record that is filled with fundamental, basic dishonesty.
VAN SUSTEREN: In that speech -- and actually, I sat through the whole speech tonight. I went through this whole 2007 speech, quite lengthy, and it's now on line. He talks about -- you know, about poverty. He talks about the inner city. And when you hear it, you think that -- you know, that poverty's such a huge problem in this country for so many people, whether you're the one who's enduring it or you're the one who's paying for it. It is a crisis in this country. And he talks about -- you know, about how important it is.
Yet you know, in this race, you hear nothing about the inner cities. You hear nothing about whether -- I mean, anybody who's had -- you know, (INAUDIBLE) incredible poverty, whether that person's life has changed at all in the last three-and-a-half years -- I mean, I don't see any of it!
GINGRICH: Well, in fact, it's worse than that. If you take -- if you assume for a minute that his desires to help people were real, then he is a total, abject failure. A hundred percent of the American people are paying more for gasoline today. Gasoline's the highest price it's ever been. That hurts everybody, but particularly hurts the poor.